Cheque payment verification will be mandatory
It is worth noting that since this rule applicable in PNB, it will be compulsorily verified at the time of issuance of cheque for payment. Without verification the cheque will not be passed under any circumstances. That is, this cheque will be returned without verification. Let us inform that before Punjab National Bank, Bank of Baroda had implemented the positive pay-system rule on its own on February 1.
Banking fraud will be curbed
Let us tell you that there has been a significant increase in the cases of banking fraud in the past. In view of the increasing number of such cases, banks are changing their rules with the aim of protecting their customers. Under the new rule, now while issuing a PNB cheque to anyone, you will have to share the details of the cheque date, beneficiary name, account number, amount mentioned in the cheque electronically through internet banking, ATM or mobile banking or SMS. After its verification, the cheque will be cleared quickly and there will be no possibility of fraud.